Banque Internationale à Luxembourg goes live with Temenos’ core banking and payments tech
Banque Internationale à Luxembourg (BIL), the oldest universal bank in Luxembourg, has gone live with Temenos‘ Banking Platform and Payments Hub solutions in a major technology overhaul of its retail, corporate and private banking operations.
Luxembourg’s BIL goes live with Temenos tech
Temenos’ Banking Platform offering has replaced BIL’s legacy core banking system, which has been in use for the past 30 years, with the company receiving implementation assistance from its delivery partner, LTIMindtree.
The Swiss vendor says the solution will “automate a wide range of capabilities” for the bank, including functions across cash accounts, deposits, lending, securities and treasury.
Temenos’ Payments Hub solution will see BIL’s payment rails consolidated into a single platform. The bank, which also acts as a payment hub for other financial institutions, says it currently processes “up to 200,000 complex and multi-currency payments every day”.
Temenos claims the integrations will benefit BIL in the form of “a higher, sustained level of investment in R&D” and “faster and lower cost updating and maintenance, which means a lower total cost of ownership”.
Commenting on the go-live, Jeffrey Dentzer, CEO of BIL, describes the initiative as “a major transformation project” which culminated in a “big bang go-live across all business lines”.
GenAI in focus
Temenos’ latest partnership comes amid a renewed effort by the vendor to bolster its core banking platform with the advantages of emerging technologies.
This effort has most recently been evidenced through the launch of Temenos’ new responsible GenAI solutions this week, which the vendor says will enable users to “engage in natural language queries to generate unique insights and reports” within customer and middle office operations and product development.
Temenos adds the launch “addresses the main challenges banks face in deploying and integrating this type of technology with their existing data infrastructure” while simultaneously “addressing their data security and privacy concerns”.
“Temenos Explainable AI offers transparent, auditable insights while our Generative AI infused platform delivers these insights instantly in an intelligent and personalised way,” comments Prema Varadhan, president of product and COO at Temenos. “Temenos ensures responsible AI practices by providing explainability, security, safe deployment and banking-specific capabilities,” she adds.
